Seaborne market weakens on lack of quota update

摘要

Few spot trades were done in a quiet AsiaPacific metallurgical coal market in the first week of November with prices heading in different directions in China and ex-China markets. In China, market participants have been cautious and adopting a wait-and-see approach until there is more clarity around the country's port restriction policies. S&P Global Platts' Premium Low-Vol hard coking coal prices have been stuck at around $133/mt FOB Australia since the start of November. October saw a brief rally, with prices returning to above $150/mt as the spread between premium and medium grade coals narrowed and some post-China National Day holiday restocking took place. However, the rally was short-lived and prices deteriorated on weaker steel prices and margins.